DGCX Feb volumes surge 147pc

Dubai, March 12, 2012

Dubai Gold and Commodities Exchange (DGCX) said it has built on its excellent start to the year with a 147 per cent year-on-year rise in monthly volumes in February.

The total monthly volumes on the Exchange in February touched 519,222 contracts, valued at $21.92 billion, said a DGCX statement.

Brisk trading during the month saw DGCX setting four all-time daily volume records on February 29. Total overall daily volumes of 39,034 contracts registered by DGCX on the day surpassed the previous highest of 35,996 contracts set in September 2011.

DGCX also recorded its highest-ever number of daily trades of 23,950 contracts on February 29.

DGCX Indian Rupee futures set both monthly and daily volume records in February. Monthly volumes of the contract rose 218 per cent from last year to total 473,793 contracts, beating the previous month’s record of 431,902 contracts. The contract also set a daily volume record of 35,727 on 29 February, exceeding the previous highest of 34,046 contracts established in September last year. The Indian Rupee futures contract also registered its highest ever daily value of $ 1.44 billion on the same day.

Currency futures were the mainstay of February volumes aggregating 487,597 contracts, a rise of 183 per cent from last year.

Sterling/Dollar grew 15 per cent; Yen/ Dollar 147 per cent and Euro/Dollar 31 per cent from January 2011 to reach 2,591 and 954 and 7,741 contracts respectively.

Among DGCX’s new currency contracts, Australian Dollar rose 90 per cent and Swiss Franc 76 per cent from January to reach 1,346 and 490 contracts.

Commenting on the growth, chairman Ahmed Bin Sulayem said: “We are delighted to have set four daily volume records early in the year, a testimony to the success we have had in providing effective tools to manage price volatility and enhancing liquidity to support investor participation.”

Among precious metals, Silver futures volumes in February grew 26 per cent from January to total 1,511 contracts. WTI Crude futures registered a strong growth of 31 per cent from January, reaching 2,410 contracts.-TradeArabia News Service